But Prescott – who is widely expected to be awarded a peerage in the coming days – is showing no sign of wanting to leave the political stage.
On his new blog he has announced that he intends to run for the post of Labour Party Treasurer, currently held by Jack Dromey, Harriet Harman's husband and now Labour MP for Birmingham Erdington. This role would give Prescott a seat at his party's top table on its ruling National Executive Committee, regardless of the outcome of the leadership election.
He explains his motivation thus:
"I intend to work closely with the Leader and the General Secretary to help put Labour on a stable financial footing, build a mass membership party with the active support and engagement of unions and affiliated organisations and to champion traditional campaigning in a modern setting."